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Latin America Capital Markets: The 2026 Outlook
Latin America could benefit from US dollar decline, experts say.
BY JOACHIM BAMRUD
Following a strong 2025, capital markets activity could be set for another strong year, experts predict.
“Debt markets got off to a hot start in 2026,” says Jorge Juantorena, Leader of the Latin America Practice Group at Cleary Gottlieb.
In addition to big-ticket sovereign issues from Mexico, Chile, Colombia and Ecuador, January saw the first initial public offer from a Brazilian company since 2021 – the $434 million offer from digital bank PicPay.
Both the $5 billion bond from Colombia and the $4 billion bond from Ecuador were the largest ever sovereign issues from those countries. And the $9 billion offer from Mexico ranks among its highest.
“It may be a surprise, but LatAm equity markets outperformed the U.S. equity market by 30% to 50% in 2025,” says Michael Fitzgerald, Corporate & Securities partner at Baker McKenzie.
What is the overall outlook for Latin America-related capital markets work this year? And what will be the main challenges? Latinvex asked five leading experts. Our panel:
Grenfel Calheiros, Co-Head of Simpson Thacher’s Latin America Practice and Head of Simpson Thacher’s São Paulo office.
Todd Crider, Co-Head of Simpson Thacher’s Latin America Practice.
Jorge Juantorena, Leader of the Latin America Practice Group at Cleary Gottlieb.
Michael Fitzgerald, Corporate & Securities partner at Baker McKenzie.
Juan Francisco Méndez, Partner, Simpson Thacher.
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